Bitcoin Treasury's SPAC Says "Terms & Conditions May Apply" — Cantor Deal Hits Refresh 🔄

The Bitcoin Standard Treasury Company (BSTR), founded by Blockstream CEO Adam Back, scrapped the original terms of its 2025 merger agreement with Cantor Equity Partners I and will negotiate a new SPAC deal that "better reflected market conditions," the companies announced Wednesday. A shareholder meeting originally scheduled for Friday to address the merger and a public offering has been postponed indefinitely, with both parties stating they would "provide further details in due course."

BSTR's initial agreement, which received SEC recognition of its registration statement in June, included contributing more than 30,000 Bitcoin ($BTC) and $1.5 billion in PIPE (Private Investment in Public Equity) financing. The development comes after SPACInsider founder and CEO Kristi Marvin told Institutional Investor in February that a "Bitcoin treasury SPAC doesn't look so good now," adding "Six months from now, I don't know — maybe."

The news follows Cantor Equity Partners II completing a separate SPAC merger with tokenization company Securitize last week. Securitize, which has $4 billion in assets under management, received SEC approval for the deal in June and began trading on the New York Stock Exchange under the ticker $SECZ. Shares fell to $7.42 on Wednesday, about 40% below the July 2 closing price of $12.30.

Cantor Fitzgerald's SPAC strategy has shifted beyond Bitcoin treasury vehicles. The firm completed a $3.6 billion merger with Twenty One Capital in 2025, and a February Institutional Investor report said Cantor was giving itself "a lot of wiggle room" by no longer keeping its sole focus on Bitcoin treasury companies.